Pharmaceutical tycoon Adar Poonawalla’s Serene Productions is investing $119 million in Indian media personality Karan Johar‘s Dharma Productions and Dharmatic Entertainment. The deal values Dharma at $238 million and gives Serene Productions a 50% stake in the company.
Under the new structure, Johar will retain 50% ownership and serve as executive chair, overseeing the creative direction. Apoorva Mehta will continue as CEO, managing strategic and operational aspects of the business.
The partnership aims to leverage Dharma’s storytelling expertise with Poonawalla’s business acumen to expand into large-scale, multi-lingual productions, build franchises, and enhance traditional entertainment formats. The companies plan to focus on creating content for global audiences across various platforms.
With revenues of $124 million for the 2022-23 financial year, Dharma is one of the top studios in India. It has existing deals with Netflix and Prime Video. The company’s recent credits include “Jigra,” “Kill” and “Rocky Aur Rani Kii Prem Kahaani.”
Poonawalla is a prominent Indian businessman and the CEO of Serum Institute of India (SII), one of the world’s largest vaccine manufacturers by volume. Under his leadership, SII has played a crucial role in producing affordable vaccines for developing countries. SII gained significant global attention during the COVID-19 pandemic for its role in manufacturing the Oxford-AstraZeneca vaccine (known as Covishield in India). Poonawalla also serves as chair of financial services company Poonawalla Fincorp.
The deal ends months of speculation around suitors for a stake in Dharma, with rumored names including RP-Sanjiv Goenka Group’s Saregama, billionaire Mukesh Ambani’s Jio Studios, and the Adani Group.
Poonawalla said: “I am delighted to have the opportunity to partner with one of the most iconic production houses in our nation, along with my friend Karan Johar. We hope to build and grow Dharma and scale even greater heights in the years to come.”
Johar added: “From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of creating films that would leave a lasting impact, and I’ve dedicated my career to expanding that vision. Today, as we join forces with Adar, a close friend and an exceptional visionary and innovator, we’re poised to elevate Dharma’s legacy to new heights. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies.”
Mehta said: “Over the years, I’ve witnessed Dharma’s transformation into a multi-faceted content powerhouse. This partnership with Adar realizes our vision and marks a new era where cinema, streaming, and global content converge. It enables us to explore new avenues in content creation and distribution, elevating the Indian entertainment ecosystem. More importantly, this investment allows us to take bigger creative steps.”